By Brian Donnelly Business Correspondent
ENERGY firm Red Rock Power has secured £80 million in financing from
NatWest for its Afton Wind Farm in East Ayrshire.
The 50MW onshore project was acquired by Edinburgh-based Red Rock Power
debt-free in October.
The firm said the deal now increases its internal rate of return on
investment and will “stabilise its balance sheet” as it prepares to expand
its portfolio with a move into new sustainable energy sectors and at least
one acquisition before the end of 2019.
Guy Madgwick, chief executive Red Rock Power, said: “The financial backing
of our Chinese owner, SDIC Power, puts us in a competitive position as we
look to consider new acquisition opportunities.
“However, it was important for us to acquire this debt and create value
from our investment on Afton Wind Farm.
“This finance deal with NatWest is testament to our growing reputation and
growth potential in the renewables industry as a standalone enterprise.”
Bruce Riley, of NatWest, said: “Sustainable energy is a key focus across
the bank and we have committed to funding and arranging £10 billion to this
sector by 2020.
“The Afton Wind Farm financing is part of meeting this target and we are
proud to have delivered a successful financing working closely with the Red
Rock team.”
He also said that the bank is “keen to continue to support the company’s
growth in the UK and Europe”.
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